Coldwell Banker Real Estate recently
released its 2013 Home Listing Report which compares the
prices of four-bedroom, two-bathroom homes in a total of 1997 real estate
markets and 52,000 listings across the United States. The nationwide
average listing price for a four-bedroom, two-bathroom home was $301,414, up
from $292,152 in 2012, not terribly surprising given that the real estate market is on a tear in some parts of America.
California has the distinction of
holding 13 of the top 25 spots and the top five most expensive real estate
markets in the United States as shown on this chart:
Malibu comes in number one as the
most expensive place to buy a home in the United States with an average
four-bedroom, two-bathroom home listing for a whopping $2,155,900, taking over
from Los Altos who took the number one spot in 2012 with homes listing for an
average of $1,706,688.
Apparently, people really are willing to pay a premium to live on a fault line
as discussed in this article and as shown on this diagram:
Pardon my geological wandering.
I guess it's part of my nature.
Let's get back to Coldwell Banker's
report. Here is a chart showing the top 25 spots for the least expensive
real estate markets in the United States:
In contrast to California, the now de-industrialized U.S.
Midwest has 15 of the nation's 25 least expensive real estate markets with
Cleveland, Ohio having the least expensive four-bedroom, two-bathroom homes
listing for an average price of only $63,729. Cleveland took over from
last year's least expensive market Redford, Michigan where an average home
listed for a very affordable $60,490.
To put the least and
most expensive markets into context, for the price of an
average four-bedroom, two-bathroom home in Malibu, a buyer could purchase
33.8 four-bedroom homes in Cleveland! Ah, but then, you'd miss out on all
of the excitement of feeling the ground shake as you await that tsunami
while looking out the windows of your beachfront home.
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ReplyDeleteThis post is very helpful. I can see future in my Biltmore Square Condos business as i continue to be enlightened by the posts in this blog.
ReplyDeletePlaces with fault lines tend to have the most dramatic scenery :)
ReplyDeletePointing out fault lines is a sign of writer envy. Cleveland and Redford, Michigan don't have any fault lines so maybe we should all go there? Really?
ReplyDeleteI notice that Los Altos is not even on the new list yet was number one in 2012. This tells me the data is too selective. Maybe since it is just Coldwell Banker listings?? Places like Palo Alto, Los Altos and Atherton CA are possibly more expensive than Malibu
ReplyDelete